Cape Town - Entrepreneurs across the Western Cape are invited to apply for a multi-million rand investment to grow their businesses, as part of the Western Cape Funding Fair.
Now in its second year, the Western Cape Funding Fair will be held at the Cape Town International Convention Centre on May 25 2016. It aims to stimulate economic growth by connecting businesses that require funding with suitable investors, as well as to educate applicants on best practice to follow to turn ideas into bankable business plans.
The Funding Fair is open to any Western Cape-based business seeking funding of more than R2m. It is a partnership between the Western Cape Department of Economic Development and Tourism, and Deloitte.
To pitch for funding, entrepreneurs will have to present detailed proposals to investors during a series of closed sessions.
Western Cape Economic Opportunities Minister Alan Winde and Deloitte Western Cape leader, Marius Alberts, officially launched the initiative at Deloitte’s offices in Green Point on Monday.
According to Winde, an average of 300 new businesses registered in the Western Cape since the start of this year.
"It is vital that these businesses are supported in order to be successful contributors to the province’s economy," said Winde.
Alberts said Deloitte saw that growing and established businesses have different funding needs. That is why they have added an additional funding category of more than R20m this year to accommodate funding for both medium-sized and large enterprises.
"By putting the right fund-seeking businesses in front of the right funders, we hope to pave the way for sustainable business growth in the province,” said Alberts.
Craig Whyte, founder of ArtLab, a digital printing company, successfully secured funding at the 2015 Funding Fair. He advised this year’s applicants to conduct proper due diligence on their business before pitching.
“The deal is in the detail. Always do your due diligence to ensure that you are prepared for the pitch, as you don’t want one small detail to jeopardise the potential of your business securing funding,” said Whyte.
He also cautioned applicants against neglecting their business while trying to secure funding.
“Never stop running your business, because trying to secure funding can be a long process. You still have to account for profits during this time,” he said.
Successful applicants will have the opportunity to attend a preparation workshop at Deloitte leading up to the Funding Fair, which will be followed by a 15 minute private pitching session with funders at the Fair on 25 May 2016. The Funding Fair will consist of various entrepreneur-focused presentations as well as an exhibit, open for free to the public.
Applications close on February 29 and more information is available here.